EX-99.1 2 fsrex99_1february2024.htm EX-99.1

| Valaris Limited Fleet Status Report February 15, 2024 |

New Contracts, Extensions and Other Updates Since Last Fleet Status Report
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of approximately $1.2 billion, subsequent to issuing its most recent fleet status report on November 1, 2023. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to more than $3.9 billion from approximately $3.2 billion as of November 1, 2023. Floaters Contract Awards •1,064-day contract for drillship VALARIS DS-4 with Petrobras offshore Brazil. Based on the firm contract term, the total contract value is approximately $519 million, inclusive of mobilization fees and additional services. The contract is anticipated to commence late in the fourth quarter 2024, following completion of the rig’s current contract with Petrobras, which is expected to finish in September 2024. Upon completion of its current contract, the rig is expected to be out of service for approximately 90 days to complete customer-required capital upgrades prior to commencement of the new contract. •Two-year contract extension with Anadarko Petroleum Corporation (a wholly owned subsidiary of Occidental) in the U.S. Gulf of Mexico for drillship VALARIS DS-16, commencing in June 2024 in direct continuation of the existing firm program. This extension replaces the one-year priced option which was agreed in July 2021. An additional day rate will be charged when MPD services are provided. •60-day priced option exercised by Equinor offshore Brazil for drillship VALARIS DS-17. The 60-day option is expected to commence in March 2025 in direct continuation of the existing firm contract. The operating day rate for the priced option period is approximately $447,000 including MPD and additional services. Jackup Contract Awards •Three-year contract extension with Harbour Energy in the UK North Sea for heavy duty harsh environment jackup VALARIS 120. The extension period is expected to commence in the third quarter 2025 in direct continuation of the existing firm program. •A rig contract with TotalEnergies in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS Stavanger. The contract is expected to commence in March 2024 and has an estimated duration of 330 days excluding options. The approximate total contract value is $48 million including minor rig modifications. •Two one-well priced options exercised by Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 121. The options are expected to commence in the summer of 2024, in direct continuation of the existing firm program, and have an estimated duration of 406 days. The priced option periods have an estimated total contract value of approximately $55 million. •One-well contract with Ithaca Energy in the UK North Sea for heavy duty harsh environment jackup VALARIS 123. The contract is expected to commence in April 2024 and has an estimated duration of between 45 and 72 days. The minimum total contract value is $6.3 million. |  | Jackup Contract Awards •Two-well contract with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 123. The contract is expected to commence in June 2024 and has an estimated duration of 154 days. The estimated total contract value is approximately $21 million. •One well contract with Eni for heavy duty ultra-harsh environment jackup VALARIS 247. The contract is expected to commence in the third quarter 2024 in direct continuation of the rig’s current program, with another operator, and has a minimum duration of 45 days. The operating day rate is $180,000. •One-well option exercised by an undisclosed operator offshore Trinidad for heavy duty ultra-harsh environment jackup VALARIS 249. The one-well option will extend the firm term of the contract by a minimum of 35 days. The operating day rate for the option period is $137,500. •300-day contract with an undisclosed operator offshore Trinidad for heavy duty ultra-harsh environment jackup VALARIS 249. The contract is expected to commence in the fourth quarter 2024 in direct continuation of a program with another operator. The operating day rate is $162,500. •In conjunction with the above-mentioned contract extension and award for VALARIS 249, a previously disclosed one-well contract with the same operator offshore Australia for VALARIS 107 has been terminated. The terminated contract was expected to commence in the first quarter 2024 with an estimated duration of 60 days. The operating day rate for the terminated contract was $120,000. Other Fleet Status Updates •Drillship VALARIS DS-8 commenced a previously disclosed three-year contract with Petrobras offshore Brazil on December 31, 2023. The backlog associated with this contract is not included in the above-mentioned incremental backlog that has been awarded since the Company’s most recent fleet status report. •Valaris exercised its options and took delivery of newbuild drillships VALARIS DS-13 and DS-14 for an aggregate purchase price of approximately $337 million. The rigs are being mobilized from South Korea to Las Palmas, Spain, where they will be stacked until they are contracted for work.

New Disclosure: bolded text signifies items that have not previously been disclosed
Page 1 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Contract Backlog(1) (2) ($ millions) | 2024 | 2025 | 2026+ | Total |  | Contracted Days(1) (2) | 2024 | 2025 | 2026+
Drillships | $ | 893.9 |  | $ | 785.5 |  | $ | 628.2 |  | $ | 2,307.6 |  |  | Drillships | 2,653 |  | 1,982 |  | 1,479 |
Semisubmersibles | 178.8 |  | 45.3 |  | — |  | 224.1 |  |  | Semisubmersibles | 750 |  | 202 |  | — |
Floaters | $ | 1,072.7 |  | $ | 830.8 |  | $ | 628.2 |  | $ | 2,531.7 |  |  | Floaters | 3,403 |  | 2,184 |  | 1,479 |
HD - Ultra-Harsh & Harsh | $ | 311.1 |  | $ | 183.0 |  | $ | 152.7 |  | $ | 646.8 |  |  | HD - Ultra-Harsh & Harsh | 2,545 |  | 1,255 |  | 920 |
HD & SD - Modern | 186.1 |  | 106.2 |  | 54.8 |  | 347.1 |  |  | HD & SD - Modern | 1,804 |  | 845 |  | 472 |
SD - Legacy | 51.0 |  | 63.4 |  | 59.1 |  | 173.5 |  |  | SD - Legacy | 640 |  | 708 |  | 688 |
Jackups | $ | 548.2 |  | $ | 352.6 |  | $ | 266.6 |  | $ | 1,167.4 |  |  | Jackups | 4,989 |  | 2,808 |  | 2,080 |
Other(3) | $ | 100.1 |  | $ | 55.8 |  | $ | 66.4 |  | $ | 222.3 |  |  | Other(3) | 3,158 |  | 1,727 |  | 1,723 |
Total | $ | 1,721.0 |  | $ | 1,239.2 |  | $ | 961.2 |  | $ | 3,921.4 |  |  | Total | 11,550 |  | 6,719 |  | 5,282 |
ARO Drilling(4) |  |  |  |  |  | Average Day Rates(1) (2) | 2024 | 2025 | 2026+
Owned Rigs | $ | 303.0 |  | $ | 362.0 |  | $ | 810.4 |  | $ | 1,475.4 |  |  | Drillships | $ | 337,000 |  | $ | 396,000 |  | $ | 425,000 |
Leased Rigs | 300.3 |  | 174.9 |  | 187.5 |  | 662.7 |  |  | Semisubmersibles | 238,000 |  | 224,000 |  | — |
Total | $ | 603.3 |  | $ | 536.9 |  | $ | 997.9 |  | $ | 2,138.1 |  |  | Floaters | $ | 315,000 |  | $ | 380,000 |  | $ | 425,000 |
|  |  |  |  |  | HD - Ultra-Harsh & Harsh | $ | 122,000 |  | $ | 146,000 |  | $ | 166,000 |
|  |  |  |  |  | HD & SD - Modern | 103,000 |  | 126,000 |  | 116,000 |
|  |  |  |  |  | SD - Legacy | 80,000 |  | 90,000 |  | 86,000 |
|  |  |  |  |  | Jackups | $ | 110,000 |  | $ | 125,000 |  | $ | 128,000 |
(1) Contract backlog, contracted days and average day rates as of February 15, 2024. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days include backlog and days when a rig is under suspension. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of February 15, 2024. HD = Heavy Duty; SD = Standard Duty

Page 2 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Drillships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VALARIS DS-18 |  | GustoMSC P10000 |  | 2015 |  | Chevron |  | U.S. GOM |  | Aug 22 |  | Aug 25 |  |  |  | Contract includes MPD services. Additional rate charged when MPD services provided
VALARIS DS-17 |  | GustoMSC P10000 |  | 2014 |  | Equinor |  | Brazil |  | Sep 23 |  | Apr 25 |  | $447,000 |  | Contract includes MPD and additional services. Total contract value of $327 million, including an upfront payment of approx. $86 million for mobilization, capital upgrades and a contribution towards reactivation costs. One priced option with an estimated duration of 60 days
VALARIS DS-16 |  | GustoMSC P10000 |  | 2014 |  | Occidental |  | U.S. GOM |  | Jun 22 Jun 24 |  | Jun 24 Jun 26 |  |  |  | Contract includes MPD services. Additional rate charged when MPD services provided
VALARIS DS-15 |  | GustoMSC P10000 |  | 2014 |  | TotalEnergies BP TotalEnergies TotalEnergies |  | Brazil Brazil Brazil Brazil |  | Jun 21 Apr 24 Jul 24 Oct 24 |  | Mar 24 Jun 24 Oct 24 Jun 25 |  | $410,000 $254,000 $400,000 |  | Contract includes MPD services. Additional rate charged when MPD services provided Additional rate charged when MPD and additional services provided. Two 160-day priced options and one 120-day priced option, with increased operating day rates for each option period. Total contract value for option periods if exercised, excluding the provision of MPD and additional services, is approximately $210 million
VALARIS DS-12 |  | DSME 12000 |  | 2013 |  | TotalEnergies BP |  | West Africa Egypt |  | Jul 23 Jan 24 |  | Nov 23 Nov 24 |  |  |  | Total contract value of $136 million
VALARIS DS-10 |  | Samsung GF12000 |  | 2017 |  | SNEPCo |  | Nigeria |  | Apr 23 |  | Mar 24 |  | $231,000 |  |
VALARIS DS-9 |  | Samsung GF12000 |  | 2015 |  | ExxonMobil |  | Angola |  | Jul 22 |  | Jan 25 |  |  |  | Contract includes MPD services. Three 6-month priced options
VALARIS DS-8 |  | Samsung GF12000 |  | 2015 |  | Petrobras |  | Brazil |  | Dec 23 |  | Dec 26 |  | $428,000 |  | Plus mobilization fee of approx. $30 million. Contract includes additional services
VALARIS DS-7 |  | Samsung 96K |  | 2013 |  | Undisclosed |  | West Africa |  | Jun 24 |  | Sep 26 |  |  |  | Total contract value estimated to be $364 million. Estimated duration of 850 days. Rig being reactivated in Spain
VALARIS DS-4 |  | Samsung 96K |  | 2010 |  | Petrobras |  | Brazil |  | Jul 22 Dec 24 |  | Sep 24 Nov 27 |  | $450,000 |  | Contract includes MPD and additional services. Expect approx. 90 days out of service for contract preparations across 3Q24 and 4Q24 Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services
Stacked |  |  |  |  |  |  |  |  |  |  |  |  |  |
VALARIS DS-14 |  | DSME 12000 |  | 2023 |  |  |  | Mobilizing |  |  |  |  |  |  |  | Rig mobilizing from South Korea to Las Palmas, Spain, where it will be stacked until contracted
VALARIS DS-13 |  | DSME 12000 |  | 2023 |  |  |  | Mobilizing |  |  |  |  |  |  |  | Rig mobilizing from South Korea to Las Palmas, Spain, where it will be stacked until contracted
VALARIS DS-11 |  | DSME 12000 |  | 2013 |  |  |  | Spain |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
Page 3 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Semisubmersibles |  |  |  |  |  |  |  |  |  |  |  |  |  |
VALARIS DPS-5 |  | ENSCO 8500 Series, DP + Moored |  | 2012 |  | Occidental Apache Eni |  | U.S. GOM U.S. GOM Mexico |  | Aug 23 Dec 23 Mar 24 |  | Nov 23 Jan 24 Jun 24 |  | $345,000 |  | Plus $3 million mobilization fee
VALARIS DPS-1 |  | F&G ExD Millennium, DP |  | 2012 |  | Woodside |  | Australia |  | Apr 22 Jan 24 |  | Jan 24 Jun 25 |  |  |  |
VALARIS MS-1 |  | F&G ExD Millennium, Moored |  | 2011 |  | Santos Undisclosed |  | Australia Australia |  | Jul 22 Jan 24 Jan 25 |  | Jan 24 Jan 25 Nov 25 |  |  |  | Operations recommenced in Jan 24 following a suspension period. Three priced options each with an estimated duration of 30 days Contract terminated as of January 30, 2024
Stacked |  |  |  |
VALARIS DPS-6 |  | ENSCO 8500 Series, DP |  | 2012 |  |  |  | U.S. GOM |  |  |  |  |  |  |  |
VALARIS DPS-3 |  | ENSCO 8500 Series, DP + Moored |  | 2010 |  |  |  | U.S. GOM |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
Page 4 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments |
Jackups |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Heavy Duty Ultra-Harsh Environment(3) |  |  |  |  |
VALARIS Norway |  | KFELS N Class |  | 2011 |  | North Sea Natural Resources Eni |  | UK UK |  | Oct 23 Jan 24 |  | Dec 23 Jan 25 |  | $105,000 |  | VALARIS Norway substitutes for VALARIS 72 until the rig completes its current contract |
VALARIS Stavanger |  | KFELS N Class |  | 2011 |  | TotalEnergies |  | UK |  | Mar 24 |  | Jan 25 |  |  |  | Expect approx. 60 days out of service for contract preparations in 1Q24. Total contract value of approx. $48 million including minor rig modifications |
VALARIS 250 |  | LT Super Gorilla XL |  | 2003 |  | Saudi Aramco |  | Saudi Arabia |  | Jun 18 |  | Dec 24 |  |  |  | Leased to ARO Drilling(4). Expect approx. 10 days out of service for planned maintenance in 2Q24 |
VALARIS 249 |  | LT Super Gorilla |  | 2001 |  | Undisclosed Perenco Undisclosed |  | Trinidad Trinidad Trinidad |  | Jul 23 Aug 24 Oct 24 Dec 24 |  | Jul 24 Oct 24 Dec 24 Oct 25 |  | $125,000 $138,000 $163,000 |  | Plus mobilization fee of $8.5 million and a daily rate of $64,000 while the rig was in transit from New Zealand to Trinidad |
VALARIS 248 |  | LT Super Gorilla |  | 2000 |  | Neptune |  | UK |  | Aug 20 |  | Nov 24 |  |  |  | Expect approx. 45 days out of service for planned maintenance in 4Q24 |
VALARIS 247 |  | LT Super Gorilla |  | 1998 |  | Perenco Undisclosed Eni |  | UK Australia Australia |  | Mar 23 Jun 24 Sep 24 |  | Jan 24 Sep 24 Nov 24 |  | $180,000 $180,000 |  | Expect approx. 70 days out of service for contract preparations across 1Q24 and 2Q24 Plus mobilization and demobilization fees that cover moving and operating costs while the rig is in transit |
Stacked |  |  |  |  |
VALARIS Viking |  | KFELS N Class |  | 2010 |  |  |  | UK |  |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
Page 5 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Jackups |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Heavy Duty Harsh Environment(3) |  |  |  |
VALARIS 123 |  | KFELS Super A |  | 2019 |  | ONE-Dyas Ithaca Energy Shell TAQA TAQA |  | Netherlands UK UK Netherlands Netherlands |  | Mar 23 Apr 24 Jun 24 Nov 24 Jan 25 |  | Nov 23 May 24 Nov 24 Dec 24 Apr 25 |  | $143,000 $153,000 |  | Expect approx. 60 days out of service for planned maintenance in 1Q24 Minimum total contract value of $6.3 million Estimated total contract value of approx. $21 million Options for up to 10 wells with an estimated total duration of 300 days. Operating day rate increases to approx. $163,000 in 2026
VALARIS 122 |  | KFELS Super A |  | 2013 |  | Shell |  | UK |  | Sep 23 |  | May 25 |  |  |  | Total contract value of over $60 million based on initial estimated duration of 500 days. Expect approx. 20 days out of service for planned maintenance in 3Q24
VALARIS 121 |  | KFELS Super A |  | 2013 |  | Petrofac Shell Shell |  | UK UK UK |  | Jul 23 Nov 23 Aug 24 |  | Nov 23 Aug 24 Oct 25 |  |  |  | Total contract value of over $25 million. Total contract value of approx. $55 million. Plus two priced options
VALARIS 120 |  | KFELS Super A |  | 2013 |  | Harbour Energy |  | UK |  | Jul 23 Jul 25 |  | Jul 25 Jul 28 |  | $130,000 $166,000 |  | Expect approx. 30 days out of service for planned maintenance in 1Q24
Stacked |  |  |  |
VALARIS 102 |  | KFELS MOD V-A |  | 2002 |  |  |  | U.S. GOM |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
Page 6 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Jackups |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Heavy Duty - Modern(3) |  |  |  |
VALARIS 118 |  | LT 240-C |  | 2012 |  | BP BP |  | Trinidad Trinidad |  | Jul 23 Apr 24 |  | Apr 24 Apr 25 |  |  |  | Total contract value of approx. $24 million Total contract value of approx. $51 million
VALARIS 117 |  | LT 240-C |  | 2009 |  | Eni |  | Mexico |  | Dec 21 |  | Jan 25 |  |  |  |
VALARIS 116 |  | LT 240-C |  | 2008 |  | Saudi Aramco |  | Saudi Arabia |  | Dec 18 |  | Dec 24 |  |  |  | Leased to ARO Drilling(4). Expect approx. 10 days out of service for planned maintenance in 3Q24
VALARIS 115 |  | BM Pacific Class 400 |  | 2013 |  | Shell |  | Brunei |  | Apr 23 |  | Apr 27 |  |  |  | Total contract value of approx. $159 million
VALARIS 110 |  | KFELS MOD V-B |  | 2015 |  | North Oil Company |  | Qatar |  | Oct 21 |  | Oct 24 |  |  |  | Two 1-year priced options
VALARIS 108 |  | KFELS MOD V-B |  | 2007 |  | Saudi Aramco |  | Saudi Arabia |  | Mar 24 |  | Feb 27 |  |  |  | Leased to ARO Drilling(4)
VALARIS 107 |  | KFELS MOD V-B |  | 2006 |  | Beach Energy Undisclosed ExxonMobil |  | New Zealand Australia Australia |  | Oct 23 Mar 24 Oct 24 |  | Jan 24 Sep 24 Oct 25 |  | $150,000 $153,000 |  | Total contract value of approx. $26 million, including mobilization and demobilization fee Two 180-day priced options
VALARIS 106 |  | KFELS MOD V-B |  | 2005 |  | BP BP BP |  | Indonesia Indonesia Indonesia |  | Jan 18 Jan 24 Jan 25 |  | Jan 24 Jan 25 Mar 25 |  | $85,000 $95,000 |  | Two priced options each with an estimated duration of 90 days. Expect approx. 90 days out of service for planned maintenance in 4Q24
Stacked |  |  |  |
VALARIS 111 |  | KFELS MOD V-B |  | 2003 |  |  |  | Croatia |  |  |  |  |  |  |  |
VALARIS 109 |  | KFELS MOD V-Super B |  | 2008 |  |  |  | Namibia |  |  |  |  |  |  |  |
VALARIS 104 |  | KFELS MOD V-B |  | 2002 |  |  |  | UAE |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
Page 7 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Jackups |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Duty - Modern |  |  |  |
VALARIS 148 |  | LT Super 116-E |  | 2013 |  | Saudi Aramco |  | Saudi Arabia |  | Nov 19 |  | Feb 26 |  |  |  | Leased to ARO Drilling(4)
VALARIS 147 |  | LT Super 116-E |  | 2013 |  | Saudi Aramco |  | Saudi Arabia |  | Sep 19 |  | Dec 25 |  |  |  | Leased to ARO Drilling(4). Expect approx. 30 days out of service for planned maintenance in 3Q24
VALARIS 146 |  | LT Super 116-E |  | 2011 |  | Saudi Aramco |  | Saudi Arabia |  | Sep 18 |  | Dec 24 |  |  |  | Leased to ARO Drilling(4). Expect approx. 25 days out of service for planned maintenance in 2Q24
VALARIS 144 |  | LT Super 116-E |  | 2010 |  | Cantium Talos |  | U.S. GOM U.S. GOM |  | Apr 23 Dec 23 |  | Dec 23 Mar 24 |  | $85,000 $87,000 |  |
VALARIS 143 |  | LT Super 116-E |  | 2010 |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Dec 24 |  |  |  | Leased to ARO Drilling(4)
VALARIS 141 |  | LT Super 116-E |  | 2016 |  | Saudi Aramco |  | Saudi Arabia |  | Aug 22 |  | Aug 25 |  |  |  | Leased to ARO Drilling(4)
VALARIS 140 |  | LT Super 116-E |  | 2016 |  | Saudi Aramco |  | Saudi Arabia |  | Mar 22 |  | Mar 25 |  |  |  | Leased to ARO Drilling(4)
VALARIS 76 |  | LT Super 116-C |  | 2000 |  | Saudi Aramco |  | Saudi Arabia |  | Jan 15 Jun 24 |  | Nov 23 May 29 |  |  |  | Expect approx. 150 days out of service for contract preparations across 1Q24 and 2Q24. Leased to ARO Drilling(4)
Stacked |  |  |  |
VALARIS 145 |  | LT Super 116-E |  | 2010 |  |  |  | U.S. GOM |  |  |  |  |  |  |  |
VALARIS 75 |  | LT Super 116-C |  | 1999 |  |  |  | U.S. GOM |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
Page 8 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Jackups |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Duty - Legacy |  |  |  |
VALARIS 92 |  | LT 116-C |  | 1982 |  | Harbour Energy |  | UK |  | Feb 17 Mar 24 |  | Feb 24 Feb 26 |  | $95,000 |  |
VALARIS 72 |  | Hitachi K1025N |  | 1981 |  | Eni Eni |  | UK UK |  | Jan 20 Feb 25 |  | Jan 25 Sep 27 |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drilling Management |  |  |  |  |  |
Thunder Horse |  | Deepwater Semisubmersible |  |  |  | BP |  | U.S. GOM |  | Jan 17 |  | Mar 24 |  |  |  |
Mad Dog |  | Deepwater Spar Drilling Rig |  |  |  | BP |  | U.S. GOM |  | Jan 17 |  | Mar 24 |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
Page 9 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Asset Category / Rig |  | Design |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
ARO Drilling |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jackup Rigs Owned by ARO Drilling |  |  |  |
ARO 2001 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
ARO 2003 |  | BM 200-H |  | Saudi Aramco |  | Saudi Arabia |  | Feb 18 |  | Feb 26 |  |  |  | Expect approx. 45 days out of service for planned maintenance in 2Q24
ARO 3001 |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
ARO 3002 |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  | Expect approx. 75 days out of service for planned maintenance across 1Q24 and 2Q24
ARO 3003 |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Dec 26 |  |  |  | Expect approx. 15 days out of service for planned maintenance in 2Q24
ARO 3004 |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Dec 26 |  |  |  |
ARO 4001 |  | KFELS Super B |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
Kingdom 1 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Nov 23 |  | Nov 31 |  |  |  |
Kingdom 2 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | May 24 |  | May 32 |  |  |  | Under construction. Delivery expected in 2Q24

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.
(2) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.
(3) Heavy duty jackups are well-suited for operations in tropical revolving storm areas.
(4) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.
Page 10 of 16

| Valaris Limited Fleet Status Report February 15, 2024 |

Out of Service Days (1) |  |  |  |  |  |  |  |  |  |
Rig |  | Asset Category |  | Q1 2024 |  | Q2 2024 |  | Q3 2024 |  | Q4 2024 |  | FY 2024
VALARIS DS-4 |  | Drillship |  |  |  |  |  | 10 |  | 80 |  | 90
VALARIS Stavanger |  | Jackup - Heavy Duty Ultra-Harsh Environment |  | 60 |  |  |  |  |  |  |  | 60
VALARIS 250 |  | Jackup - Heavy Duty Ultra-Harsh Environment (Leased to ARO Drilling) |  |  |  | 10 |  |  |  |  |  | 10
VALARIS 248 |  | Jackup - Heavy Duty Ultra-Harsh Environment |  |  |  |  |  |  |  | 45 |  | 45
VALARIS 247 |  | Jackup - Heavy Duty Ultra-Harsh Environment |  | 30 |  | 40 |  |  |  |  |  | 70
VALARIS 123 |  | Jackup - Heavy Duty Harsh Environment |  | 60 |  |  |  |  |  |  |  | 60
VALARIS 122 |  | Jackup - Heavy Duty Harsh Environment |  |  |  |  |  | 20 |  |  |  | 20
VALARIS 120 |  | Jackup - Heavy Duty Harsh Environment |  | 30 |  |  |  |  |  |  |  | 30
VALARIS 116 |  | Jackup - Heavy Duty Modern (Leased to ARO Drilling) |  |  |  |  |  | 10 |  |  |  | 10
VALARIS 106 |  | Jackup - Heavy Duty Modern |  |  |  |  |  |  |  | 90 |  | 90
VALARIS 147 |  | Jackup - Standard Duty Modern (Leased to ARO Drilling) |  |  |  |  |  | 30 |  |  |  | 30
VALARIS 146 |  | Jackup - Standard Duty Modern (Leased to ARO Drilling) |  |  |  | 25 |  |  |  |  |  | 25
VALARIS 76 |  | Jackup - Standard Duty Modern (Leased to ARO Drilling) |  | 90 |  | 60 |  |  |  |  |  | 150

(1) Table shows out of service days for planned maintenance, e.g. special periodic surveys and contract preparation, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.
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| Valaris Limited Fleet Status Report February 15, 2024 |

Additional Information Regarding this Fleet Status Report
Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and include the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts that are recognized during the contract term. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.
Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.
Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts, including for VALARIS DS-13 and DS-14; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply, including as a result of reactivations and newbuilds; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting the banking system and financial markets, inflation and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
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